IRE Announces Sale of Route 5 Storage in New York

PRESS RELEASE: York, PA – April 11, 2019

Locally owned and operated Investment Real Estate, LLC (IRE) announces the sale of Route 5 Storage to a private investor. The property is located on West Main Street in the city of LeRoy, which is in Genesee County.

The property is comprised of nine buildings. Route 5 Storage opened in 2000, and the final phase was just completed in 2016. It consists of more than 320 traditional drive up access storage units. Property features include paved and gravel drive aisles, dusk to dawn lighting, perimeter fencing, electronic keypad operated gate and 24/7 tenant access. Route 5 Storage features office hours by appointment only.

Justin Quinto, Brokerage Advisor for Investment Real Estate, says, “The sellers of Route 5 had done a tremendous job running the site since it’s inception. Their dedication and passion for their property was evident from day one. Seller and Buyer worked hand-in-hand to get this transaction completed successfully. The buyers, Jeff and Brian Cook of Cook Properties, proved to be some of the most diligent and thorough buyers that we have seen. The sellers can now enjoy their full retirement and we at IRE are extremely happy for them.”

Route 5 Storage is located on Highway Route 5 with excellent visibility, and features an average daily traffic count over 11,000 vehicles. It was over 90% occupied at the time of sale. The property has consistently exceeded 90% occupancy and has been maintained to the highest level since its inception. The facility is comprised of seven acres and includes an additional two acres for expansion, which are Industrial/Commercial zoned.

The buyers, Jeff and Brian Cook of Cook Properties, commented, “We are thrilled to add another great investment property to our portfolio and look forward to completing more successful transactions in the future as we scale.”